U.S. Senator Cynthia Lummis calls on the banking industry to embrace stablecoins and digital assets

According to The Block, U.S. Senator Cynthia Lummis called for the banking industry to embrace stablecoins and digital assets during an interview, believing that this will bring new product opportunities for traditional financial institutions.

She pointed out that stablecoins can significantly reduce settlement times and costs, thereby greatly enhancing the efficiency of domestic and international transactions. Providing custody and payment services for this will open up more business possibilities for banks. Lummis currently serves as the chair of the Senate Digital Assets Subcommittee.

She emphasized that she does not understand why the banking industry resists digital assets, as this actually provides banks with new financial products to offer to customers. The current disagreement between banks and the cryptocurrency industry over stablecoin yield terms remains a key factor delaying the passage of the U.S. cryptocurrency market structure bill.